Uncover 10 Hidden Tax Planning Tips for This Tax Season Self-Study Webinar (3 Hours)

Overview: 

An expert practitioner will reveal how you can implement hidden tax-planning strategies today to reduce the tax bill for your company or clients. Now’s the time to become privy to these 10 lesser-known—yet essential—tips to ensure more favorable results this tax season. This insightful self-study webinar will share ways to take advantage of available tax benefits and deductions to help minimize tax liabilities. You’ll discover the advantages of:

  • Section 199A planning
  • Switching entities to S Corporations
  • Entity structuring
  • Escaping specified service business limitations
  • IRA choices
Objective: 

To provide tax professionals with 10 hidden tax planning strategies to apply now to help minimize tax liabilities for their company or clients this tax season.

Emphasis: 
  • Available tax benefits of small businesses electing cash method of accounting
  • Depreciation changes and the benefits of cost segregation
  • Section 199A planning
    – Deferring income to result in taxable income falling below limiting thresholds
    – Benefits of switching entities to S Corporations
  • Entity structuring to allow partners to receive W-2 income
  • Grouping itemized deductions in one year to take advantage of deductions and maximize standard deduction
  • Retirement planning for small business under the Secure Tax Act of 2019
  • Analysis of business that may escape the limitations of specified service business classification
  • Inventory and construction accounting for qualified small businesses
  • IRA choices after the new law
  • Miscellaneous other perks

• Recognize the consequences of ARPA Recovery Rebate advances in excess of the eligible amount

• Recognize business attributes necessary to qualify for the employee retention credit

• Recognize the gross receipts threshold under which small businesses qualify for specialized accounting for inventory

• Identify contract qualifications allowing small businesses an exception from use of the percentage completion method for the construction or improvement of real property

• Recognize the IRS’ position regarding the use of pass-through entities (PTEs) as a workaround against the SALT deduction limitation

• Recognize entity’s qualifying for the Section 199A deduction

• Identify “reasonable compensation” in the context of the Section 199A deduction and S corporations

• Identify rule changes to NOLs in response to the COVID epidemic

• Identify changes to the RMD rules under the SECURE Act

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Price: 
$109.00
Prerequisite: 

None.

Preparation: 

No advance preparation required.

Level of Knowledge: 

Overview.

CPE Credit: 
3.00
NASBA Field of Study: 
Taxes